According to a report by Reuters, HTC Chief Financial Officer Chang Chia-Lin announced the plan on a conference call this morning, saying the company will create smartphones for the developing market. HTC has already announced plans to target other emerging markets in the coming year.

"We're going to go down, but not below 1,000 [yuan]," he said, noting the price would fall somewhere between 1,000 to 2,000 yuan ($160 to $320 U.S.).

While Chang didn't specifically state what kinds of phones would be offered, the company currently only makes Android and Windows Phone smartphones, indicating a strong possibility Windows Phone could be part of the company's plans in the country.

China's been a strong market for Microsoft's Windows Phone platform, with the company quickly carving out a large stake of the market share pie. The Chinese market caters to low-cost devices given the country's economic situation which makes it difficult for companies to sell high-end smartphones; several smartphone manufacturers have pegged the market as an area of focus because of its quick development.